Covid-19 news

Elementum Advisors, LLC, the insurance-linked securities (ILS) fund management and collateralised reinsurance underwriter, has announced a new strategic hire in Jeff Davis, who will join the investment manager in September from his most recent position at Aon Securities.

We’re hosting a live webcast on September 10th 2020, featuring senior reinsurance and insurance-linked securities (ILS) market executives discussing the state of play and the outlook for 2021.

The subject of how a second wave of the Covid-19 pandemic would be treated under reinsurance contracts came up during insurance giant Allianz’s earnings call this week and the companies CFO said that he’d expect it to be classed as a second loss event.

RenaissanceRe, the Bermuda headquartered specialty re/insurer and third-party reinsurance capital manager, has raised capital across numerous platforms over the last year, but the company always ensures investors have a “right of incumbency” on the deals they are already on, according to its CEO.

AXA XL, the commercially focused insurance and reinsurance arm of the global AXA Group, has suffered a loss for the first-half of the year, as losses from the Covid-19 pandemic hit its commercial books of business.

UK insurance group Aviva has revealed that its gross losses from the Covid-19 pandemic rose to around US $580 million for the first-half of the year, but the company expects its reinsurance panel will take roughly 63% of the costs of its hands.

U.S. primary insurer and global re/insurer Liberty Mutual has reported suffering an elevated level of catastrophe losses in the second-quarter, as U.S. severe weather affected the firm, as well as a $529 million loss from the Covid-19 pandemic, all of which sent the company to a loss for the period.

Global reinsurance giant Munich Re turned a €579 million profit in the second-quarter of the year despite suffering around €700 million of losses from the Covid-19 pandemic during the period.

German reinsurance firm Hannover Re expects that as its losses from the Covid-19 pandemic convert from IBNR reserves to reported claims, a proportion of these will be ceded to third-party investors in its K-Cessions sidecar vehicle.

TransRe, the reinsurance arm of Alleghany Corporation, has reported a 75% increase in its loss reserves for the Covid-19 pandemic in the second-quarter of the year, with an estimated loading for expected international property business interruption claims a factor.